Core Viewpoint - Chongqing Rural Commercial Bank (渝农商行) has appointed Liu Xiaojun as the new chairman, marking the second leadership change since its A-share listing in 2019, following a six-month vacancy in the position [1][2]. Group 1: Leadership Change - Liu Xiaojun has been elected as the chairman of Chongqing Rural Commercial Bank, pending approval from the shareholders' meeting and regulatory authorities [1]. - This is the second time the bank has changed its chairman since its A-share listing, with the previous chairman, Liu Jianzhong, resigning in April 2022 due to age [1][2]. Group 2: Company Performance - As of the end of Q1 2025, Chongqing Rural Commercial Bank reported a revenue of 7.224 billion yuan, a year-on-year increase of 1.35%, and a net profit of 3.745 billion yuan, up 6.27% [3]. - The bank's total assets exceeded 16.1 trillion yuan, an increase of 953.88 billion yuan (6.30%) from the previous year, while total liabilities rose to 14.7 trillion yuan, up 936.31 billion yuan (6.78%) [3]. - The non-performing loan ratio stood at 1.17%, a slight decrease of 0.01 percentage points from the previous year, with a provision coverage ratio of 363.30%, remaining stable [3]. Group 3: Financial Metrics - In 2024, the bank achieved a total revenue of 28.262 billion yuan, reflecting a 1.09% year-on-year growth, and a net profit of 11.513 billion yuan, which is a 5.6% increase [3]. - The net interest income for 2024 was 22.495 billion yuan, down 4.25% year-on-year, with a net interest margin of 1.51%, a decrease of 13 basis points [3]. - Non-interest income for 2024 was 5.767 billion yuan, a significant increase of 29.23%, accounting for 20.41% of total revenue, up 4.45 percentage points [3][4]. Group 4: Investment Performance - The bank's net income from fees and commissions in 2024 was 1.612 billion yuan, a decrease of 10%, while other non-interest income rose to 4.155 billion yuan, an increase of 55.53% [4]. - Investment income and net gains from fair value changes reached 3.848 billion yuan, an increase of 16.35% year-on-year, attributed to effective investment portfolio management and market opportunities [4].

4月16日，重庆农村商业银行股份有限公司（简称"渝农商行"）(601077.SH)发布公告称，该行召开第五届董事会第五十五次会 议，审议通过《关于选举刘小军为重庆农村商业银行股份有限公司董事长的议案》。刘小军的董事长任职资格自该行股东大会 审议通过其担任该行执行董事且获国家金融监督管理总局重庆监管局核准之日起生效，至本届董事会任期届满为止。 本文系观察者网独家稿件，未经授权，不得转载。 公开资料显示，刘小军早期在建设银行和中信信托担任多个管理职位，积累了丰富的金融和企业治理经验。在中信信托，他历 任高级经理、副总经理至业务总监等职，对信托业务有深刻理解。此外，他还担任过中国宏桥集团非执行董事，这些经历使他 在渝农商行工作时能更好地理解企业客户需求，提供切实可行的金融解决方案，推动金融与实体经济的紧密结合。 在刘小军接任之前，渝农商行的掌舵者是谢文辉 。谢文辉于 2024 年 10 月 16 日因工作调动辞去渝农商行董事长等一系列职 务，之后履新该行第一大股东实际控股企业 —— 重庆渝富控股集团党委书记、董事长一职。 渝农商行作为一家扎根于重庆的农村商业银行，近年来在农村金融领域发挥了重要作用。其业务涵盖了零售 ...

Core Viewpoint - The Chongqing Rural Commercial Bank has appointed Liu Xiaojun as the new chairman, following the departure of the previous chairman due to a job transfer. This leadership change is expected to continue the bank's growth trajectory in terms of both scale and profitability. Group 1: Leadership Change - Liu Xiaojun has been nominated as the executive director candidate and elected as the chairman of Chongqing Rural Commercial Bank, pending approval from the shareholders' meeting and regulatory authorities [1][2] - Liu Xiaojun, born in December 1976, has a background in various financial institutions, including China Construction Bank and CITIC Trust, and was previously the chairman of Chongqing Development Investment Company [2][3] Group 2: Financial Performance - As of the end of Q1 2025, Chongqing Rural Commercial Bank's total assets exceeded 1.6 trillion yuan, reaching 16,103.30 billion yuan, with a year-to-date increase of 953.88 billion yuan, representing a growth rate of 6.30% [5][6] - For Q1 2025, the bank reported an operating income of 72.24 billion yuan, a year-on-year increase of 1.35%, and a net profit attributable to shareholders of 37.45 billion yuan, up 6.27% year-on-year [6][7] - The bank's non-performing loan ratio stood at 1.17%, a slight decrease of 0.01 percentage points from the beginning of the year, while the provision coverage ratio remained stable at 363.30% [6][7] Group 3: Historical Context - The previous chairman, Xie Wenhui, resigned in October 2024 due to a job transfer, and until Liu Xiaojun's qualifications are approved, the current executive director and president, Sui Jun, will act as the chairman [4]

证券代码：601077 证券简称：渝农商行 公告编号：2025-015 重庆农村商业银行股份有限公司 第五届董事会第五十五次会议决议公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重庆农村商业银行股份有限公司（以下简称"本行"）第五届董事会第五十 五次会议于 2025 年 4 月 16 日在本行总行 401 会议室以现场方式召开。本行已于 2025 年 4 月 15 日以电子邮件形式发出会议通知和材料。本次会议应出席董事 8 名，实际出席董事 8 名（其中，现场出席董事 1 名，董事胡淳女士、殷祥林先生、 彭玉龙先生、张桥云先生、李明豪先生、李嘉明先生、毕茜女士以通讯方式参会）。 本行股东上海豫园旅游商城（集团）股份有限公司质押本行股权比例超过 50%， 根据监管规定对其提名的彭玉龙董事在董事会上的表决权进行了限制。会议的召 开符合法律、法规、规章和本行章程的有关规定。 本次会议由执行董事隋军先生主持。本次会议审议通过了以下议案： 一、《关于提名刘小军先生为重庆农村商业银行股份有限公司执行董事候选 人的议案》 表决情况：有 ...

Core Points - The A-share market's three major indices closed mixed, with the Shanghai 380 Index down 0.25% at 5304.0 points and a trading volume of 88.591 billion yuan [1] - The Shanghai 380 Index has decreased by 6.15% over the past month, increased by 1.25% over the past three months, and has fallen by 1.15% year-to-date [1] - The index is composed of 380 securities selected from the Shanghai Stock Exchange based on criteria such as revenue growth rate, return on equity, trading volume, and total market capitalization [1] Index Composition - The top ten weighted stocks in the Shanghai 380 Index include: Hu Nong Commercial Bank (1.28%), Chifeng Gold (1.21%), Chengdu Bank (1.14%), Yunnan Agricultural Commercial Bank (1.02%), Yutong Bus (0.94%), Rockchip (0.87%), Hengtong Optic-Electric (0.80%), China Software (0.78%), Shengyi Technology (0.74%), and Hongfa Technology (0.72%) [1] - The index is entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Industry Breakdown - The industry composition of the Shanghai 380 Index includes: Industrial (26.66%), Information Technology (14.56%), Materials (12.26%), Financials (10.34%), Healthcare (10.20%), Consumer Discretionary (8.46%), Communication Services (4.72%), Energy (3.72%), Consumer Staples (3.55%), Utilities (3.37%), and Real Estate (2.15%) [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, with a sample adjustment limit of 10% [2] - Special adjustments may occur under certain circumstances, such as when a sample is delisted or undergoes mergers, acquisitions, or splits [2]

Investment Rating - The report maintains an "Overweight" rating for the banking sector [5][40]. Core Insights - The report highlights that the growth in social financing (社融) is supported by both credit and government bonds, with March's new social financing reaching 5.89 trillion yuan, exceeding expectations [6][14]. - The credit situation shows a recovery due to a low base effect, with new loans in March increasing by 3.64 trillion yuan, which is 550 billion yuan more than the same period last year [8][20]. - The report emphasizes the importance of government bond issuance, which maintained high growth, with new financing in March amounting to 1.5 trillion yuan, a year-on-year increase of 1 trillion yuan [18][31]. Summary by Sections Social Financing Overview - In March, social financing increased by 5.89 trillion yuan, which is 1.0544 trillion yuan more than the same month last year, and the stock of social financing grew by 8.4% year-on-year [6][14]. - The structure of new financing in March was composed of 64.5% from loans, 25.2% from government bonds, and -0.8% from corporate bonds [15][18]. Credit Situation - The report notes that the increase in credit is primarily driven by a low base effect, with new RMB loans increasing by 5.358 billion yuan year-on-year [18][20]. - The breakdown of new loans shows that corporate short-term loans increased significantly, while residential loans remained stable compared to last year [20][22]. Market Trends - The report indicates that M1 growth has improved, with M0, M1, and M2 growing by 11.5%, 1.6%, and 7.0% respectively in March [31][33]. - New deposits in March totaled 4.25 trillion yuan, with a year-on-year increase of 6.7%, although this was a decrease of 0.55 trillion yuan compared to the previous year [33][34]. Investment Recommendations - The report suggests focusing on bank stocks due to their dividend attributes, particularly large banks and quality city commercial banks [11][39]. - Two main investment themes are highlighted: high-dividend large banks and city commercial banks with strong regional advantages [11][39].

Investment Rating - The report maintains a "Recommended" investment rating for the banking industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [21]. Core Insights - The report highlights a marginal improvement in performance growth, with core revenue contributions increasing. As of April 12, 2024, 25 out of 42 listed banks reported a year-on-year revenue growth of -0.4% and a net profit growth of 2.0%, both showing a 1 percentage point improvement compared to the previous three quarters [5][6]. - The report anticipates that the banking sector will benefit from strong fiscal policies implemented since October 2024, which are expected to boost economic confidence and stabilize asset quality. If these policies effectively stimulate the real estate and consumer sectors, there will be opportunities for cyclical strategies [5][6]. Summary by Sections Industry Basic Data - The banking sector consists of 42 listed companies with a total market capitalization of approximately 114,992 billion and a circulating market value of about 78,974 billion [2]. Relative Index Performance - The absolute performance of the banking sector over the past month is 5.0%, 17.3% over six months, and 17.7% over twelve months. The relative performance is 2.8%, 15.6%, and 24.4% respectively [3]. Market Review - For the week of April 7-13, 2025, the major indices saw declines, with the Shanghai Composite Index down 3.11% and the Shenzhen Component Index down 6.73%. The average daily trading volume in the A-share market was 10,349 billion, up 41.54% from the previous week [5]. Investment Recommendations - The report suggests focusing on banks with high dividend yields and strong asset quality, such as state-owned banks and regional banks with high provision coverage ratios. It also recommends banks with a high proportion of retail assets, which are expected to show greater resilience in the economic recovery [5][6]. Specific banks highlighted include: - Ningbo Bank, Jiangsu Bank, and China Merchants Bank, all rated as "Recommended" with projected EPS growth for 2025 [6].

Core Viewpoint - Chongqing Rural Commercial Bank (CRCB) has demonstrated significant growth in both scale and profitability while reducing risks and costs, maintaining its leading position in the western banking sector [1] Group 1: Financial Performance - As of the end of 2024, CRCB's total assets reached 1.51 trillion yuan, an increase of 738.60 billion yuan from the previous year [2] - The bank's deposit balance was 941.95 billion yuan, up by 457.44 billion yuan year-on-year, while loan balances increased to 714.27 billion yuan, a rise of 375.62 billion yuan [2] - For 2024, CRCB reported operating income of 28.26 billion yuan and net profit of 11.79 billion yuan, reflecting year-on-year growth of 1.09% and 5.97% respectively [2] - By the end of Q1 2025, CRCB's total assets exceeded 1.61 trillion yuan, marking a growth of 953.88 billion yuan, or 6.30% [3] - The bank achieved a net profit of 3.82 billion yuan in Q1 2025, an increase of 4.24% year-on-year [3] Group 2: Asset Quality and Risk Management - CRCB's non-performing loan (NPL) ratio was 1.18% at the end of 2024, with a capital adequacy ratio of 16.12% and a provision coverage ratio of 363.44% [2] - By the end of Q1 2025, the NPL ratio slightly improved to 1.17%, with the provision coverage ratio remaining stable at 363.30% [3] Group 3: Strategic Initiatives - CRCB actively participates in national and local strategic initiatives, contributing to the Chengdu-Chongqing economic circle and the Western Land-Sea New Corridor, providing loans for 176 key projects totaling 26.5 billion yuan [4] - The bank has established a specialized financial service mechanism for the "33618" modern manufacturing cluster, with related loan balances exceeding 66 billion yuan [4] Group 4: Financial Innovations and Services - CRCB has made significant strides in various financial sectors, including technology finance, green finance, inclusive finance, pension finance, and digital finance, with technology loans reaching 76.88 billion yuan [5] - The bank's green loan balance increased by 11.2 billion yuan year-on-year, while inclusive finance initiatives expanded its coverage to all townships in Chongqing [5] Group 5: Market Position and Future Outlook - CRCB ranked 14th nationally and first in the central and western regions in the banking competitiveness list by Tsinghua Financial Review [7] - The bank's A-share stock price saw a daily increase of 3.65% in Q1 2025, leading the western region's listed banks [7] - Looking ahead, CRCB aims to enhance financial services, strengthen risk management, and promote digital transformation to establish itself as a benchmark bank in the western region [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 重慶農村商業銀行股份有限公司Chongqing Rural Commercial Bank Co., Ltd.*（「本行」）董 事會（「董事會」）茲通告謹定於2025年4月25日（星期五）舉行董事會會議，以審議及通過 （其中包括）本行及其附屬公司截至2025年3月31日止三個月的未經審核季度業績。 代表董事會 重慶農村商業銀行股份有限公司* Chongqing Rural Commercial Bank Co., Ltd.* 執行董事兼行長 隋軍 中國•重慶，2025年4月11日 於本公告日期，本行執行董事為隋軍先生；本行非執行董事為胡淳女士、殷祥林先生及 彭玉龍先生；及本行獨立非執行董事為張橋雲先生、李明豪先生、李嘉明先生及畢茜女 士。 * 本行經中國銀行業監督管理機構批准持有B0335H250000001號金融許可證，並經重慶市市 場監督管理局核准領取統一社會信用代碼為915000006761297 ...

财报季，行业前排大哥的"成绩单"总是格外引人关注。近日，南都·湾财社通过头部公司财报透视中小 银行生态变化，继上期扫描头部城商行后，本期聚焦头部农商行。 三家万亿资产上市农商行中，重庆农商行、广州农商行已发布2024年财报。记者注意到，2021年，蔡建 上任广州农商行董事长后，该行正式宣誓成为国内"国内一流商业银行"。四年过去，广州农商行在2025 年工作会议中却直言"对标健康的银行资产负债表，仍存在资产规模保持稳定但配置失衡、核心负债总 体充裕但成本较高两方面不足"。广州农商行离"一流商业银行"究竟还有多远，与重庆农商上对比成色 如何？ 据wind数据，2024年末，广州农商行贷款及垫款总额超过重庆农商行，但在科技、普惠和绿色贷款余额 等核心数据上全面落后于重庆农商行，且人均创收仅约重庆农商行六成，人均创利仅约后者两成。2024 年，广州农商行股价已经连续3年下跌，较高点暴跌超70%，重庆农商行股价自2021年以来已经上涨 87.4%。2025年是广州农商行"十四五"规划收官之年，蔡建承诺的"国内一流商业银行"该如何兑现？ 乡村金融突出 科技、普惠、绿色贷款余额落后头部 2020年末，广州农商行总资产刚进入 ...